HomeMy WebLinkAbout0999 ' ~ ~'titicro~-i~r~~.ri AYI?~U~TABLJ~ itA~'E RI~.IER
(lnteresi Ratc Limi1 )
"I'H1S ADIUS"1'AE3LE FtA"~E R1DER is mbde this ........~e."'...~lay of .....~.~.~~~R 19.~..
and is inc~~r~x~ral~~i imo and shall he deemed to amend and supplement thc Mortgage~ Dad of Trust, or Deed~to Secure
Ucbt (the "Sc~;urity lnstrument") of Ihe same date given by the underaignai (the "Dorrower"j to secure 8orrower's
l~djuslabie Rate Notc to ..............................Sll.NP.A.T.~1~'.~S~f.1~tG,~..~,A~iK,....F.S~................................................................
....................................................................................(the "I.encler") of the sam~ date (the "Note") and covering the
Pr~~perty described in the Security lnstrumtnt and located at:
....~.1+3~..S41.1H...A~.p,....~$2?.~6,...J.ENSEN..HE.AC~i .FI.A4t1DA..~~~5~
~dro'Perry Address
The Note co~tnin: pro~vi:ion~ efdowing for changsa in fhe intere~~ rat~ avery year
:ubject to the ltmtt; :tated in th• Note. If the tn~ar~st rate lnsrenses, the
~orrawer'= monthly paytnent~ wlll ba higlt~r. !f the int~rsst rate decr~o~ss, the
; Bor~ower'z monthly paymenls w311 b~ lawer.
~ ADUIi'IONAI. t'O~'ENANTS, In additian to the covenanls and agreements made in the Security Instrument,
s t3~rrower and l.enJer furthrr rovenanl and agree as follows:
~ ~
~
~ A. INTERF~T RATE AND MUNTNLY PAYMENT CNANGES
~ The Note prewides for an initial intrrest rafe ~~f.........$+QQQ..°~n. Srction 4 pf the Note provides for changes in the interest
~ rate and t6e monthiy payments, as Foitctiws:
"4. INT~REST RATE AfYD MUNTHLY PAYM~NT CHA~OIGES
(A) C~angc Uates
~ The interest rate 1 wi!! pay may change un the firsl Jay nf ~T~ER 19.... and on that day
~ rvery 1~th month thereafter. E~ch date un which my interest ratc: coutd change iti called a"Change Date."
(B? The Index
~ Beginning with the first Change Date, my interest rafr will be based on an Index. The "Index" is the weekly average
yield on United States Treasury securities adjusted ta a constant maturity of I year, as made available by the Federal
keserve Board. The m~~s1 recenE lndex figure availabte as of the date 45 days before each Change Date is called the
"Currcnt Index."
If the (ndex is no lang~r available, the Note H~Ider will chcx»e d new index which is based upon comparabte
~ informatian. The Note Holder will give me notice of this choice.
(G~ Calculation of Ct~arges
Before each Change Date, the No1c Holder w~lt ralcutate my new interest rate by adding .....~'7..=~..Opercentage points
(.......~2,.7.~0) to the Current lndex. The TVote Holder will then r<~urid the result c~f Ihis addition to the nearest one-eighth
of one percen~age point (0. t 25~~0). Subject to the limils slated in Section 4(D)below, this rounded amount will be m} new
interest rate until ttre next Change Da~e. ~
~ The Note Holder will ~her~ drlernlinr thr amaun! i~f !he monthly paymeni that would be suflicient to repay the
unpaid principa) balanre i~f my lo~n 1 am exnrcted tu owe ~~n ~hr C'hange Date in full on the maturily date al my new
interest rate in substantially ryual rayments.l'hr resuU nf thi~ i:~lrulaiicm will hr thc new amount of my monthly paym~nt.
iD) Limit on Interest Rate Changes
The rat< <~f interesl I am rryuirccl Io ray shall ne~~cr tx inLre.ised cm any single Change Date by more than omr
percrntage ;x~int ( I.0%.)(~vn ~;rremage ~xiin~s (?.0!~i )~Check on/yonebnxJfrom the rale ot'in~er~~t 1 have bern paying
for Ihe preceding twelve months. My intcr~dt raic als~~ shall nevrr be grrater than t~~:_
(E) Effective Date of Changes
My new interest ratr will becomr eflerli~•r cm rarh Change Dalr. t will ray Ihe amoum af my nrw monthly payment
beginning ~in Ihe first monthly paymenl Ja~~ after Ihe Change Datc untit the amc~unt oC my monthly naymenl rhangec
again.
111otice of Changes
The Note Notder will mail ar delivrr t<? rn~ .i n~?tirr c?f a~iy ~ hc~i~~;c~+ in ~he amuunt uf my m~mihly payment befc~rr Ihe
efl'ective date of any change. The n~tirr will include inf~umetinn rcyuired hy law tn be givrn me and also Ihe Iitfe and
telephone number ofa penon wh~~ will answrr any yursti~~n I m~y havr rrg~+~ding thr nolirr...
B. CHARGFS; LIENS • !t'3
Uniform Covenant 4 ~f 1he Srrurity Instrumcnt is amcndrd rrad a, li~lit~wti_ ~
~
4. Cherges; Liens. Rnrrnwer shell ray all iaxr~, as~r~,mrnlti, and u~hrr rhargr., finrs and im~xi~iticm. attrihulahtc 1~? fhe ~
Properly which may eUain .i pri~~ri~y ~~vrr Ihiti Sccurily tn~trumcnt, and Icauhc~td ~.~yntrnlr ur ground r«~l.r, il~,iny, in thr
a~
manner pr~vided under paragra~h 2 nrrecrf ur, if nc~t r:~id in tiurh nianncr, hy 13urrawrr niakiug raymcut, Whrn dur,
dircrlly Io Ihe payre therruf. liarrower sh~ll rrum~lly l'e~rni~h 1~~ l.cndrr all nntic4~ uf am~~iml. ~iur w~der ~hi+ raragrarh. ~
and in the evrnl Hvrrower shall makr paymenl direclly. Hnrruwrr .hall ~rump~ly furni.h Lrneirr rerci~l~ rvidrncin~;
such paymrnts. lit~rruwrr tihall pr~?mptly ~liuharbr tiny lirn whirh ha~ rri~~rity nvrr thi. Srrurily In,lrumrnl: rru~i~lyd. ~
~ha~ &~rrowrr ~hall no~ tk rcquircd iu dikhargc .u~y wrh licn ~u lon~; a~ 13urn?w~r. (a) ~hall ,~grrc in wrilin~ Iu Ihr ~
naymcm of Ihc ~~hlig~ti~?n z~rurcd by ~uch licn in a manncr arrrplahlc 1~? l.r~~drr: lb} xhall iu ~~xxf I;~i~h runi~~i .urh lirn
hy, ~?r dcfcnJ again.l cnfi~rrrmcol uf ~urh licn in. Irgal pr±k~tidingti whirh ii~ thr ~?~~ini~m ul' Lrn~lrr ~?~xratr t~? rrrvcnl 1hr
cnfarccmrn~ ~?f ~hc lirn ~+r fi~rfriturc af ~hr 1'r~~rx:rty ur :~uy ~ar1 Ihrrruf: ~ir tr) xh.iti ktiurr frunt Ihn c~~hlrr cil~~u~•h lic+~ :~n
egrcrmc~~l in a fnrm ~alitifurl~~ry 1~? (,~ndrr sui~~rJinalin~ surh lirn !u this 5ccu~ity In.truii~rnl.
If t.cndcr d~lcrmin~~ Ih.d .~11 ~?r :u~y rarl ~~f ~hc Nriti~xr~y i. tiuhj~til a ticn whirl~ m;~y.~11:~in ~~ric~ril~~ ~»c•r thi. `k•ruri~~
Inslrumcn~. Lcndcr ~hcill tcnd 13s~rn?wcr nnlirc idciilifyin~; titrrh licn. Ik~rrc~wrr ~ha!! s~~li.ly r~~rh lirn ~?r t:~kr nnr nr ~n~~rr ~~I~
Ih~ arli~~ns ~rl fi?rlh atxivr wi(hin Icn ~lays uf'tl~r giviti}; c~fn~?li~•c.
1
ADJUSTAdIE RAT~ IiIDfR-$I~ns A-2 and A-~--i-4 Fomily---9~83-FNMA tJnilorm tnstrun+ont ~0370475 R~1A2